$15B Bitcoin Scam: Chen Zhi’s Global Fraud and Seized Bitcoin

Web Desk

What began as a digital romance for many turned into one of the largest financial crimes in history.

On Tuesday, October 14, authorities in the United States and the United Kingdom seized nearly $15 billion worth of Bitcoin connected to an enormous international scam.

At the center of it all is Chen Zhi, a Cambodian business mogul accused of running a criminal empire that tricked people around the world.

A Scam Built on Trust and Deceit

Investigators say Chen Zhi, 38, the chairman of Cambodia’s Prince Group, masterminded what’s known as a “pig butchering” scam—a cruel online scheme where scammers “fatten up” their victims with false affection and friendship before taking everything.

Criminals behind these scams spend weeks building personal connections with victims online, convincing them to invest in fake cryptocurrency platforms.

Once the victims transfer their money, the scammers vanish—leaving behind empty accounts and broken trust.

One of the Biggest Bitcoin Seizures Ever

The U.S. government seized 127,271 bitcoins, valued at roughly $15 billion (₹1.26 lakh crore)—marking one of the largest cryptocurrency seizures in history. Officials called it a “sprawling cyberfraud empire” that stretched across continents.

The FBI and UK authorities revealed that Chen Zhi’s organization used sophisticated networks of fake social media accounts and “phone farms” to lure victims.

Some operations made as much as $30 million a day, officials said.

Forced Labor and “Scam Compounds” in Cambodia

Behind the sleek image of Prince Group’s real estate and finance businesses, authorities discovered at least 10 massive scam centers in Cambodia.

Thousands of workers were reportedly trafficked into these compounds, surrounded by barbed wire and guards.

Workers were forced to target victims online. If they failed to meet quotas, they were beaten or threatened.

The U.S. described the setup as industrial-scale fraud, among the largest ever uncovered.

Lavish Lifestyles Built on Stolen Wealth

While victims lost life savings, Chen Zhi and his partners lived lives of luxury. The UK government froze 19 properties in London tied to his network—one worth nearly £100 million ($133 million). Investigators say he also bought private jets and a London mansion worth more than £12 million.

Both the U.S. and U.K. governments have now sanctioned the Prince Group and declared it a transnational criminal organization.

The Hunt for Chen Zhi

Chen Zhi, who also goes by “Vincent,” was born in China but holds Cambodian nationality. He has been charged with wire fraud and money laundering in New York but remains at large.

If captured and convicted, he could face up to 40 years in prison.

Authorities say this case marks a turning point in the global fight against cryptocurrency scams—proof that even the most complex digital crimes can eventually be brought to light.